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tv   Real Money With Ali Velshi  Al Jazeera  February 7, 2014 7:00pm-7:31pm EST

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in sochi olympics ceremony got under way. there were glitches including an olympic ring that failed to light up. you see it there, and a stray dog wandering into the stadium. despite concerns, no security threats occurred. ail ail and "real money" is next. >> get a leg up in this tough job market. i'll tell you three jobs that will give you the best bang for your college bucks, and we'll look at how the farm bill will help one family's dairy business. why the next gold rush could take place in outer space. i'm ali velshi, and this is "real money." >> this is real money. you are the most important part of the show.
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so join us live for our conversation over the next half hour at @aj real money, and and real money. 113,000 net new jobs were added to the economy. that's a whole lot fewer than the average we saw for all of 2013. many economists say we need 113,000 a month just to keep up with the number of working age people enter the economy each other. more people reach working age each month, graduate from school, than retire or pass away. things started to go south just in december when we saw a mere 75,000 jobs added to the economy for that month. now back then i said wait until you see what happens in january. two months of disappointing data aren't enough to call a negative trend but they do have some of us worried. as much as of a glass half full guy as i am, this one is a tough
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one to be all that optimistic about. i always look for the good, and there is some in this report. an estimated 523,000 people entered the workforce in january. these are people who either found a job or actively looked for one during the month. that reverses the downward trend that we've been seeing in labor force participates. we still have a long way to go. in january, 63% of all americans who could be working were working or looking for a job. but that 63% is near historic lows, and it has not recovered from the beating it has taken since the recession. there are lots of arguments why that in is so low. they blame the drop off on bad weather. january's weather was no better. but if it was bad weather why didn't it stop the weather sensitive construction industry from adding 48,000 new jobs. other job winners including
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professional and business professional. that's the nation we've become, a service industry. among the job losers, retail trade. that's often happens in january, 13,000 jobs lost. and just as significant if not more, the 12,000 federal jobs shed in january, 9,000 of them from the u.s. postal service alone. clearly there is something more going on than the weather. it's not clear if the slow pace of hiring will persist into 2004, but we'll be watching that closely in the oh coming months. there are 10 million officially unemployed workers in this country, but 4 million posted job openings. that's one job available for every two and a half people out of work. to further complicate things 60% of all new jobs require a bachelor's degree or higher. but only four in ten americans are college graduates. anthony, the director of the workforce at georgetown university, and he said be careful. all college degrees are not
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created equal. he chaired the national coalition under president clinton. good to join us. >> good to see. >> you how much of a problem of this persistent unemployment can be solved by people getting the right education. >> the central problem that you point to, there aren't enough jobs to go around, but we do know that a good 15% to 20% of people who get college degrees or post secondary education of any kind don't end up in jobs that pay more than high school, and at the same time we have a shortage of college workers. we're producing 1% increase per annum in college degrees, and the labor market is demanding 3% increase. we have a mismatched program. we're not producing enough, and the college degrees we're producing do not match the
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degrees available. >> this is important for parents of college kids, they're getting ready for admissions at the end of march. what you study makes a difference. i know you have pointed out for some time that probably one of the best things you can do, one of the best degrees you can get if you're so inclined to do it is a degree in petroleum engineering. you have statistics that indicate the medium salary is $120,000 for that job. that's gone up in the last few years, and they're projected to need 35,000 more of them betwe between 2012 and 2020. tell me what you think of this. >> the petroleum engineering is the top of the heap. it is not a large job sector. 35,000 is plenty of jobs, but compared to other job sectors like nursing, that is also robust. it pays to know what the relationship is between what you
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take, what area major is and what the job market wants. >> one of the things that you point out is pharmaceuticals with a median salary of $105,000, but a much bigger demand. we need 35,000 at the petroleum engineers over the next few years. and we need pharmacists. >> pa pharmacists and people who work in healthcare delivery institutions that deal with drugs. turns out that the other interesting thing about this profession is that it's very open to women. women are the majority now of the people who major in pharmacy in american colleges and universities. >> because a lot other women dominated professions including nursing and teaching, do not pay those kinds of wages. >> the college major market that is the majors that men and women
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take are highly segregated. 80% of the people who are in science, technology, engineering and mathematics are male. virtually about 70% of business majors except for people who major in hospitality that is people who end up working in hotels, they tend to be female. and education and counseling as well as the humanities, liberal arts are heavily female. >> let's talk about computer science, software engineers, petroleum engineers, coders as some people call them. people in this industry have a median salary of $100,000, and more than 1 million jobs required here. this a good bet? >> it's a good bet. one we see in this set of occupations now is we're beginning to see retirements, so a good third of the jobs will open up because people are
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retiring. two-thirds will be new jobs. >> let me ask you something, i think that i read this in something that you've written. we have to be careful about rushing into things that may be hot now and may not be hot later. architecture was a hot thing because there was a lot of building going on and people became architects but then building stopped for a while. do you see any of those circumstances here? >> i think as building mends we'll see more jobs for architects and civil engineers, for instance. those are people who got very good educations, had high s.a.t. scores, but they came up lame. there was almost no way to predict it unless you knew that the housing market and construction market was going to collapse. to matter what you do sometimes the economy will get you. >> anthony, good to talk to you as always. director of center of education in the workforce and a real expert in these matters.
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today on twitter and facebook i've been asking you some degrees offer a better return than others. if you could choose your major again what would you pick? matt said doing p.r. now, love it, but wish i knew more computer engineering and programming. >> in case congress didn't here in the first time, jack lew again warned that the government will not be able to pay its bills by the end of the month. lew said that the government will be unable to pay its months. the debt limit was suspended through today, february 7. february 8th it will be reset to its current level. the new farm bill is now law. we'll take you to the last
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working dairy barn in tecumseh, kansas. we have those stories and more as "real money" continues. keep it here.
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only on al jazeera america >> worker pay and income ineye quality are hot-button issues in america. there were an estimated 3.7 million workers paid at or below the federal minimum wage of $7.25 an hour in 2012. that's the most recent data available. some states have statewide minimum wages higher than the federal minimum. either way making ends meet on minimum pay is not easy. >> reporter: all right, let's go, let's go, let's go. >> reporter: training to trade up. this program by the northern manhattan corporation teaches young adults construction trades that can pay $50 an hour. substantially more the $7.25 an
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hour that single mother tanesha used to earn. >> living on minimum wage was like living day by day. you had to budget things. and i never really--i never really thought it would be as hard as it was. >> reporter: the program gets calls daily for applicants like anderson trying to escape an inflation' roded wage war. >> america deserves a raise. there is overwhelming consensus the people are ahead of the--some of the applications here in washington across an ideological spectrum. people understand that you can't make ends meet on $725, and we should reward hard work with a fair wage. >> reporter: increasing the minimum wage to $10.10 would have positive knocks on throughout the economy, lifting wages, increasing output by $22 billion, and creating
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roughly 85,000 new jobs. president obama has turned up the pressure on congress using his executive powers to increase pay $10.10 an hour and praising those increasing wage without prompting. but some say that it can hammer small businesses. >> the higher the price of anything the less people take of it, and it applies to workers as well. >> reporter: while congress debates tanesha anderson will keep working towards a better paying job. al jazeera, new york. >> president obama today signed a farm bill into law. the bulk of this money in the $956 billion bill goes to the food stamp program that helps feed one in seven americans. the bill congress finally agreed on cost $8 billion in food stamp
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benefits over the next decade. some wanted to cut $40 billion over the next decade. the new law changes how federal subsidizes farmers who do everything from grow crops to raise cattle. we explain what this means for america's farmers. >> reporter: the biggest change for farmers in the new farm bill is how they'll get government money. what's out direct payments to farmers whether or not they planted crops. uncle sam has been doling out $4.5 billion a year in those payments. what's taking its place, the federal government is expanding sub sysubsidyies if there is a d year. one agriculture economist says only the largest farms will be constrained. >> before this bill, a farmer could receive before they ran
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into limits in a the policy. there were other programs that existed then, too, but have been eliminated that would allow for 65,000 more in support, that's in additional payments, now. we're now at $125,000 limit. that's a limit that is really targeted to what we had as a limit the last time. >> reporter: dairy farmers will also see changes. what's ending for them is subsidies they get when milk prices fall below a certain mark. now they'll buy a new kind of subsidized insurance. it will pay them if their profits fall when the gap narrows between the price they get paid for milk and what they're paying for feed. mary snow, al jazeera. >> well, dairy farms struggle with volatile swings in the market due to weather and feed prices. a dairy farm in kansas is evidence of that problem. forcing four generation farmer, who was on this show last
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october, to cut down his herd in 2012 and 2013. tim and his wife had taken out a loan so they could add a bottling plant to the operation. when they couldn't pay it back the family filed for bankruptcy and the farm went into foreclosure. now tim said things are looking up for the family dairy. he joins us now from his farm. tim, good to see you again. thank you for being with us. i want to start before i talk about the impact of the farm bill, i want to ask you how things are going for you on the farm. >> well, it's cold, but things are going better. the cows are milking well, and we've got extra milk going out on the tanker at a good price. we've got bottle milk going most of the time. our broiler is down. we're trying to repair our politicabroiler and get our botg plant back online again. it's been opposite for a few days, but we'll be back up and running and we'll be good on both ends of the operation.
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>> last time i checked you needed an angel. you had turned to crowd funding to help keep your farm afloat, what did you end up doing? >> we found or she found us an investor that basically paid off the bank, and is refinancing us at this time. we're back up and running, and we're kind of in the middle of a lot of paperwork right now, but we never did stop running, we kept running, but we're confident we've got this problem 80% behind us, and we've moving ahead. >> part of the problem you were trying to do better. you were a wholesale dairy farmer and you scaled back on the wholesale side because you can make more money selling bottling milk and selling it retail where you get more per gallon than you get on the wholesale side. is that still where you want to go? >> yes, it is. >> we want to develop that
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operation where we move all or most of our milk that way. the dairy business is moving a lot of non-fat dry dairy produ products to middle east countries and china, that's bolstering our prices. feed costs are low and it's good for dairy. >> 15% of u.s. dairy production last year was exported. you've been keeping an eye on this farm bill and the changes. mary did a good job explaining but it's hard to understand what it means to you as a farmer. the changes in the farm bill. what is your sense of it? >> well, there was very little help from the government in the past. the subsidies they were paying us were ridiculously not
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helpful. this program looks as though it could be helpful. we'll have to purchase margin insurance. the margin of the music price over feed costs will be assessed by the usda, and if the margin falls too narrow we'll have margin insurance that we purchase. so it's probably a good thing. we'll have to fit in that with our operation where we process part of our milk, but still we're producers. since we produce, i'm sure we'll fit in some how. >> you're an optimistic guy, i'm glad to see that you're still in business and things are looking up for you. tim awig from tecumseh, kansas. i'm talking to an entrepreneur who said man should go to an as steroid instead. keep it right here.
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the stream is uniquely interactive television. in fact, we depend on you, your ideas, your concerns. >> all these folks are making a whole lot of money. >> you are one of the voices of this show. >> i think you've offended everyone with that kathy. >> hold on, there's some room to offend people, i'm here.
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>> we have a right to know what's in our food and monsanto do not have the right to hide it from us. >> so join the conversation and make it your own. >> watch the stream. >> and join the conversation online @ajamstream. >> innovators like peter aim to make the impossible possible. an harvard and mit entrepreneur who cofounded several space exploration companies including desire gravity corporation and planetary resources. i recently spoke with peter
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about his next venture, an out of this world effort to bring precious melts from space back to earth. listen. >> we are living in a world of amazing cognitive surplus. brilliant people who were never connected before. you could have a mozart, an eye stein who was born in a poor village in india and africa who would never rise because they were never discovered. now in a world where we're connected like this, those geniuses can be found, educated, can be brought to forefront of humanity. >> you are the world's not enough for you, it seems. for all that you do here a couple of years ago you got involved with planetary resource where is you're trying to find ways mine resources from astroids. >> millions of years from now whoever we are, whatever we are, wherever we are, we'll look back
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at these next few decades as the moment in time that the human race moved irreversebly off the planet. it's happening right now. amazing entrepreneurs pouring fortunes. >> these are all guys you have involvement with in these various projects. >> investors, supporters, board members and such. so the realization was always driven humanity to explore frontiers has been access for resources. the chinese silk road. the european settlers looking to the new world for gold and spices. the american settlers looking to the west for gold, timber and land. what are resources are in space that could drive man irreversebly to space. astroids come near to the earth, sometimes they hit us, and that's not a good thing but they're full of fuels, hydrogen
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and oxygen and platinum melts. the technology exists to find these, go out to them, plant a flag on them and exact materials for use on earth or in space. my co-founder erik anderson and i added a team out of jpl, the team had built spirit and curiosity, the rovers on mars right now, and we're building the technology to go out there and prospect these astroids. >> do these things make money or iare these things that rich people do. >> these are worth trillions of dollars. it's scarcity is contactual. it may be scarce on the earth's crust, but thinking about the new world, if you would, they are note scarce, they are reachable and extractible, and in success it will bring down
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the price of these melts that allow us to have these electronics whose batteries and all these technologies that we need. >> there is so much more to my interview it will air in full this sunday 7:00 p.m. eastern and 4:00 p.m. pacific on al jazeera america. go pro is taking the leap from private company to private market. they make the small durable video cameras that became a hit with extreme athletes when it launched in 2004. it's cameras are commonly used for action sports to capture firsthand look at the experience. the cameras attach to your head or body turning the athlete into a filmmaker. here's the interesting thing it took advantage of a provision in the 2012 jobs act which makes it easier for smaller start ups to go public. filing for the mpl without
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sharing it's information. if you work 40 hours a week and make the federal minimum wage you earn $290 a week. $1,275 a month, or just about $15,000 a year. that's $15,000. income inequality has reached crisis proportions in america. and in an effort to raise federal minimum wage to $10.10 an hour. today delta airlines agreed to raise the wages of 2,000 contract workers at jfk and laguardia airports, and it will wage the rates of $10 an hour. in another move, delta has greed to make martin luther king a paid holiday. now the workers affected are
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baggage handlers, the people who clean the aircraft, and this isn't a simple decision for the company it may cost delta shareholders or it may cost the traveling public, but we're giving these people $21,000 a year, just above the poverty line for a family of four. the prosperous nation on earth need to find a way four the least among us to live in dignity. the port authority has asked other airlines to do the same. and for tonight we thank delta for leading. that's our show. looking to find jobs in corporate america. i'm ali velshi, thanks for joining us.
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>> you're in "the stream." with lethal injection drugs in short fly, firing squads, and capas chambers and electric chairs. >> lisa fletcher is out but we have manuel in command of our cohost chair, and grabbing all of the live feedback from you are the third host of the hoe. we have the topics like abortion, and death penalty. but in all